Hammond budget highlights
Growth:
Sees 2019 GDP growth 1.6% vs 1.3% in March
Sees 2020 growth at 1.4% vs 1.3% in March
Sees 2021 growth of 1.4% vs 1.4% in March
Deficit:
2018/19 deficit at 1.2% of GDP vs 1.8% in March
2019/20 deficit at 1.4% vs 1.6% in March
OBR forecasts public debt will fall in every year of forecast
2023/24 forecasts show deficit at 74.1% of GDP
Says national debt peaked in 2016/17
2019/20 deficit forecast at GBP31.8B vs GBP33.9B in March
OBR forecasts show borrowing from 2018/19 through 22/23 to be GBP18.5B lower
Other headlines:
Increasing Brexit contingency by GBP2.0B
We're confident of delivering Brexit but will plan for all eventualities
Stakes could not be higher than right now in EU negotiations
Forecasting real wage growth in each of the next 5 years
Added GBP420m to local highway authorities
GBP160m for counter terror police funding
GBP500m more for housing infrastructure fund
Will make commercial-to-residential planning easier
Increasing Transforming Cities fund to GBP2.4B
National living wage to rise by 4.9% from April 2019
Tax free allowance for personal income will rise to GBP12,500 in April 2020
Higher rate threshold will rise to GBP50,000 in April 2020